Cleveland.com reports The Cleveland Clinic’s economic impact in Ohio was $17.8 billion in 2016, according to a study by the health system.
That’s an increase of $5.2 billion from 2013 when the Clinic last measured its financial benefit to the state. The figure factors in the wages and benefits of the Clinic’s 58,610 employees, including employees at spinoff companies; state, local and federal taxes; purchasing; construction projects; indirect jobs; and spending by employees. “Cleveland Clinic is the economic engine of Northeast Ohio,” Cleveland Clinic CEO and President Dr. Tom Mihaljevic said in a prepared statement. “Our economic activity supports families, neighborhoods and community life; it brings opportunity and prosperity to the areas we serve.” The Clinic is the second largest employer in Ohio and supported 119,720 direct and indirect jobs in 2016. That represents $7.5 billion in earnings at 87,540 households and $5 billion in household spending.
By the numbers
$17.8 billion: Total economic impact
$7.5 billion: Labor force income
$1.8 billion: Clinic spending
$987 million: State and local taxes
$1.2 billion: Cleveland Clinic Florida economic impact in Florida
$47 million: Cleveland Clinic’s Lou Ruvo Center for Brain Health economic impact in Nevada
$5 billion: Household spending
87,540: Households supported
119,720: Direct and indirect jobs
The Clinic produces an economic impact report every three years. In the last, the health system’s financial benefit to the state was calculated to be $12.6 billion.Source: Cleveland